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How to Save on Large Renovation Projects

Screen Shot 2015-06-26 at 8.54.24 PMIf you’ve recently watched HGTV, you may have gotten the urge the remodel your rental property. Or perhaps your commercial property is a bit dated and needs a facelift. Either way, major renovations are often much more difficult than they appear on television and far from cheap once everything is said and done.
Before forking over the cash to get started, spend some time searching for the right contractor. Once you’ve narrowed down your options, request quotes and conduct thorough interviews to ensure they are legit, seasoned, and have all the proper licenses and certifications. Finally, ask for references; a reputable contractor won’t have a problem providing this information.

Ways to Save Money
Here are some additional ways you can save on large renovation projects:

1. Begin with the end in mind: Instead of grabbing a sledgehammer and smashing everything to pieces, formulate a plan to determine which components of the kitchen, bathroom, or whatever area you are renovating can remain intact. If you don’t do this, you’ll flush money down the drain should you discover something needs to be reconstructed.
2. Don’t cut corners: If the project requires high-quality materials, bite the bullet and fork over the dough or be prepared to deal with costly issues later on down the line. If necessary, be patient and wait for supplies to go on sale.
3. Inquire about surpluses: If a contractor has supplies remaining from an old project that will suit your needs, there’s a possibility you can purchase them for a steeply discounted rate.
4. Prep it right: Prepping an area for remodel is time-consuming, but overlooking this pertinent step may create larger problems later on down the line.
5. Store tools and materials: Leaving hardwood flooring material outside in damp conditions is just as hazardous as leaving tools in extreme heat. Instead, find a place with a cool climate for storage or wrap the materials up in plastic as a last resort.
6. Take the proper measurements: Unless you want to spend excessive funds on unnecessary material or make extra trips to the hardware supply store, double-check your measurements.

Backyard Renovations

Instead of doling over a hefty sum of cash for the construction of an in-ground pool, consider an above ground pool from a reputable manufacturer, like Intex. Multiple sizes and styles are available to choose from, and modern manufacturing technology has made these pools a great investment for your home.

Kitchen Remodels

Head to your nearest home improvement store to select the faucets, sinks, appliances, cabinets, and other components you’ll need for your project, and conduct an online search for savings. In most instances, the price points will be substantially cheaper, even after shipping is calculated. And for appliances, don’t forget to check scratch and dent warehouses—but don’t go for the cheapest option or you’ll be forced to replace it a lot sooner than you anticipated. Also, consider refinishing and staining your cabinets to soften the blow to your wallet.

Bathroom Remodels

When renovating your bathroom, try refinishing the tile to avoid steep replacement costs. Also, keep it neutral because it’s more cost-efficient and places you in a better position when it’s time to resell the property.

Flooring

If waxing or refinishing the floors is not an option, buy in bulk and request a discounted rate. Also, consider driving to a neighboring county with a lower tax rate and transporting the supplies on your own if the benefits outweigh the costs.

Painting

To save on the cost of paint and primer, shop at stores that offer price match options, and buy the finish that best suits your needs so you won’t have to revisit the walls a few months down the line.

Permits

Most importantly, don’t forget to secure the proper permits for your renovations project or you could incur fines and put yourself at risk for not being covered by your homeowner’s insurance policy.

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